SBA Seeks Comments on Proposed Size Standard Increases
The Small Business Administration is looking for comments in response to the agency’s proposal to increase sizestandards for 71 types of businesses, many of them in retail trade, hospitality and food services sectors. If adopted, this first round of proposed increases would expand the eligibility of several thousand small businesses to participate in SBA’s loan, contracting and other programs.
According to the SBA’s definition, a size standard represent the largest size that a business, including its subsidiaries and affiliates, can be and still be classified as small. The agency has launched a comprehensive review of every industry size standard, which hasn’t been done in more than 25 years ago.
SBA Chief Karen Mills said the size standard review aims to ensure that they “are current and reflect changes in the economy and the marketplace.”
This should be good news to minority small businesses that have complained for many years that some of the agency’s size standards are outdated and do not adequately reflect the cost of doing business in 2009, thereby limiting their ability to grow and compete in the federal marketplace.
For more information and instructions on how to submit comments by the December 21 deadline, click here.